Asked by Lavkush Tamrakar on May 17, 2024
Verified
For a holder to turn to secondarily liable parties, what are the requirements?
Secondarily Liable
A legal obligation that falls onto a party only after the primary liable party fails to fulfill their liability.
- Master the complexities associated with liability for endorsers and the structured liability sequence among endorsers and originators of promissory notes.
Verified Answer
CT
Christopher ThurmanMay 17, 2024
Final Answer :
The holder must:
(1) Present the note to the maker for payment;
(2) Dishonor by the maker should occur; and
(3) The holder should then give notice of dishonor to secondarily liable parties (endorsers).
(1) Present the note to the maker for payment;
(2) Dishonor by the maker should occur; and
(3) The holder should then give notice of dishonor to secondarily liable parties (endorsers).
Learning Objectives
- Master the complexities associated with liability for endorsers and the structured liability sequence among endorsers and originators of promissory notes.
Related questions
Which of the Following Is True Regarding Anne's Statement to ...
Assuming There Is Proper Presentment and Notice of Dishonor, Can ...
If, Instead of Endorsing the Note to Tonya, Felicia Had ...
List the Five Items That a Party Warrants When the ...
Who Is Primarily Liable on the Promissory Note and Who ...